Republic of Korea: Fiberboard Market 2024

Fiberboard Market Size in Republic of Korea

The South Korean fiberboard market dropped remarkably to $X in 2022, declining by -28.9% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption, however, saw a prominent increase. Fiberboard consumption peaked at $X in 2021, and then contracted notably in the following year.

Fiberboard Exports

Exports from Republic of Korea

In 2022, after five years of decline, there was growth in shipments abroad of fiber board of wood or other ligneous materials, when their volume increased by 3.5% to X cubic meters. Over the period under review, exports, however, faced a drastic downturn. The pace of growth appeared the most rapid in 2016 with an increase of 18% against the previous year. The exports peaked at X cubic meters in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, fiberboard exports declined to $X in 2022. Overall, exports, however, continue to indicate a deep downturn. The growth pace was the most rapid in 2016 when exports increased by 6.5%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Japan (X cubic meters) was the main destination for fiberboard exports from South Korea, with a 55% share of total exports. Moreover, fiberboard exports to Japan exceeded the volume sent to the second major destination, China (X cubic meters), sevenfold. Germany (X cubic meters) ranked third in terms of total exports with a 5.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Japan totaled -7.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+10.7% per year) and Germany (+16.8% per year).

In value terms, Japan ($X) remains the key foreign market for fiber board of wood or other ligneous materials exports from South Korea, comprising 37% of total exports. The second position in the ranking was held by Vietnam ($X), with an 11% share of total exports. It was followed by Germany, with a 7.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Japan amounted to -6.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+4.4% per year) and Germany (+15.0% per year).

Export Prices by Country

In 2022, the average fiberboard export price amounted to $X per cubic meter, reducing by -3.8% against the previous year. Over the period under review, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 an increase of 34% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per cubic meter in 2019; however, from 2020 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Saudi Arabia ($X per cubic meter), while the average price for exports to Taiwan (Chinese) ($X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Kuwait (+20.0%), while the prices for the other major destinations experienced more modest paces of growth.

Fiberboard Imports

Imports into Republic of Korea

In 2022, the amount of fiber board of wood or other ligneous materials imported into South Korea declined significantly to X cubic meters, shrinking by -25.5% on the year before. Overall, imports, however, enjoyed buoyant growth. The most prominent rate of growth was recorded in 2018 when imports increased by 109%. Imports peaked at X cubic meters in 2021, and then fell dramatically in the following year.

In value terms, fiberboard imports shrank remarkably to $X in 2022. In general, imports, however, posted perceptible growth. The most prominent rate of growth was recorded in 2021 with an increase of 125%. As a result, imports attained the peak of $X, and then declined sharply in the following year.

Imports by Country

In 2022, Thailand (X cubic meters) constituted the largest fiberboard supplier to South Korea, accounting for a 63% share of total imports. Moreover, fiberboard imports from Thailand exceeded the figures recorded by the second-largest supplier, China (X cubic meters), sixfold. Vietnam (X cubic meters) ranked third in terms of total imports with a 10% share.

From 2012 to 2022, the average annual growth rate of volume from Thailand stood at +45.0%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-8.3% per year) and Vietnam (+10.7% per year).

In value terms, Thailand ($X) constituted the largest supplier of fiber board of wood or other ligneous materials to South Korea, comprising 44% of total imports. The second position in the ranking was held by Vietnam ($X), with a 19% share of total imports. It was followed by China, with an 18% share.

From 2012 to 2022, the average annual growth rate of value from Thailand stood at +39.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+17.2% per year) and China (-8.9% per year).

Import Prices by Country

The average fiberboard import price stood at $X per cubic meter in 2022, falling by -3.1% against the previous year. In general, the import price saw a pronounced downturn. The most prominent rate of growth was recorded in 2021 an increase of 13%. The import price peaked at $X per cubic meter in 2015; however, from 2016 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Vietnam ($X per cubic meter), while the price for India ($X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+5.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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